双人卡/拍立得/明信片合集
1️⃣I Am You专卡(2018)
2️⃣Oddinary专卡(2022)
3️⃣Circus Japan专卡(2022)
4️⃣The Sound Japan专卡(2022)
5️⃣STAY 4期会员礼双人卡(2024)
6️⃣-7️⃣Noeasy折叠海报&pb(2021)
8️⃣We Pick Awards拍立得(2021)
9️⃣Nacific拍立得(2022)
1️⃣0️⃣-1️⃣1️⃣Men Noblesse杂志拍立得(2023)
1️⃣2️⃣S Cawaii Men杂志明信片(2021)
1️⃣3️⃣-1️⃣4️⃣Cosmopolitan Korea杂志明信片(2023)
1️⃣5️⃣-1️⃣6️⃣Mini Japan杂志贴纸(2022)
/hwgflx/LuvForYou915/de00ri/mmyoisbok/zzrorii
1️⃣I Am You专卡(2018)
2️⃣Oddinary专卡(2022)
3️⃣Circus Japan专卡(2022)
4️⃣The Sound Japan专卡(2022)
5️⃣STAY 4期会员礼双人卡(2024)
6️⃣-7️⃣Noeasy折叠海报&pb(2021)
8️⃣We Pick Awards拍立得(2021)
9️⃣Nacific拍立得(2022)
1️⃣0️⃣-1️⃣1️⃣Men Noblesse杂志拍立得(2023)
1️⃣2️⃣S Cawaii Men杂志明信片(2021)
1️⃣3️⃣-1️⃣4️⃣Cosmopolitan Korea杂志明信片(2023)
1️⃣5️⃣-1️⃣6️⃣Mini Japan杂志贴纸(2022)
/hwgflx/LuvForYou915/de00ri/mmyoisbok/zzrorii
巴菲特：尽管评估股票所需的数学计算并不困难，但即便是经验丰富、聪明睿智的分析师，在估算未来的“息票”时也很容易出错。在伯克希尔，我们试图通过两种方式来解决这一问题。
首先，我们试图持有我们自信可以理解的业务。这意味着它们必须相对简单且业务稳定。如果一项业务非常复杂或不断变化，我们还没有聪明到可以预测它未来的现金流。顺便说一句，这一难题并没有让我们产生困扰。对大多数人来说，投资最重要的不是他们知道多少，而是他们如何现实地定义自己不知道什么。投资者只须做少数正确的事情，以及避免犯重大错误，就能获得不错的成绩。
其次，同样重要的是，我们坚持在购买价格上留有安全边际。如果我们计算普通股的价值只略高于其价格，我们就没有兴趣购买。我们坚信，本·格雷厄姆着力强调的安全边际原则，是投资成功的基石。
原文：Though the mathematical calculations required to evaluate equities are not difficult, an analyst—even one who is experienced and intelligent—can easily go wrong in estimating future “coupons.” At Berkshire, we attempt to deal with this problem in two ways. First, we try to stick to businesses we believe we understand. That means they must be relatively simple and stable in character. If a business is complex or subject to constant change, we’re not smart enough to predict future cash flows. Incidentally, that shortcoming doesn’t bother us. What counts for most people in investing is not how much they know, but rather how realistically they define what they don’t know. An investor needs to do very few things right as long as he or she avoids big mistakes.
Second, and equally important, we insist on a margin of safety in our purchase price. If we calculate the value of a common stock to be only slightly higher than its price, we’re not interested in buying. We believe this margin-of-safety principle, so strongly emphasized by Ben Graham, to be the cornerstone of investment success.
英文释义：1.“incidentally”意为“顺便提一句”；
2.“slightly”意为“稍微”；
3.“cornerstone”意为“基石”。
首先，我们试图持有我们自信可以理解的业务。这意味着它们必须相对简单且业务稳定。如果一项业务非常复杂或不断变化，我们还没有聪明到可以预测它未来的现金流。顺便说一句，这一难题并没有让我们产生困扰。对大多数人来说，投资最重要的不是他们知道多少，而是他们如何现实地定义自己不知道什么。投资者只须做少数正确的事情，以及避免犯重大错误，就能获得不错的成绩。
其次，同样重要的是，我们坚持在购买价格上留有安全边际。如果我们计算普通股的价值只略高于其价格，我们就没有兴趣购买。我们坚信，本·格雷厄姆着力强调的安全边际原则，是投资成功的基石。
原文：Though the mathematical calculations required to evaluate equities are not difficult, an analyst—even one who is experienced and intelligent—can easily go wrong in estimating future “coupons.” At Berkshire, we attempt to deal with this problem in two ways. First, we try to stick to businesses we believe we understand. That means they must be relatively simple and stable in character. If a business is complex or subject to constant change, we’re not smart enough to predict future cash flows. Incidentally, that shortcoming doesn’t bother us. What counts for most people in investing is not how much they know, but rather how realistically they define what they don’t know. An investor needs to do very few things right as long as he or she avoids big mistakes.
Second, and equally important, we insist on a margin of safety in our purchase price. If we calculate the value of a common stock to be only slightly higher than its price, we’re not interested in buying. We believe this margin-of-safety principle, so strongly emphasized by Ben Graham, to be the cornerstone of investment success.
英文释义：1.“incidentally”意为“顺便提一句”；
2.“slightly”意为“稍微”；
3.“cornerstone”意为“基石”。
巴菲特：诚然，有些人利用负债得以致富。殊不知，这也是一条返贫之路。当杠杆发挥作用时，它会放大你的收益。你的配偶认为你很聪明，而你的邻居会嫉妒你。但杠杆会让人上瘾。一旦从中尝到甜头，很少有人会转而采取更保守的做法。正如我们在三年级时所学到的，任何一系列正数，无论数字多么令人印象深刻，只要乘以一个零，就会顷刻间灰飞烟灭，有些人在2008年又重温了这一课。历史告诉我们，即便使用杠杆的人非常聪明，最后也难逃归零的宿命。（2010年）
巴菲特原文：Unquestionably, some people have become very rich through the use of borrowed money. However, that’s also been a way to get very poor. When leverage works, it magnifies your gains. Your spouse thinks you’re clever, and your neighbors get envious. But leverage is addictive. Once having profited from its wonders, very few people retreat to more conservative practices. And as we all learned in third grade — and some relearned in 2008 — any series of positive numbers, however impressive the numbers may be, evaporates when multiplied by a single zero. History tells us that leverage all too often produces zeroes, even when it is employed by very smart people.（2010）
释义：1.“magnifies”意为“放大”；
2.“envious”意为“嫉妒”；
3.“addictive”意为“上瘾的”；
4.“evaporates”意为“蒸发”、“消失”。
巴菲特原文：Unquestionably, some people have become very rich through the use of borrowed money. However, that’s also been a way to get very poor. When leverage works, it magnifies your gains. Your spouse thinks you’re clever, and your neighbors get envious. But leverage is addictive. Once having profited from its wonders, very few people retreat to more conservative practices. And as we all learned in third grade — and some relearned in 2008 — any series of positive numbers, however impressive the numbers may be, evaporates when multiplied by a single zero. History tells us that leverage all too often produces zeroes, even when it is employed by very smart people.（2010）
释义：1.“magnifies”意为“放大”；
2.“envious”意为“嫉妒”；
3.“addictive”意为“上瘾的”；
4.“evaporates”意为“蒸发”、“消失”。
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